DALLAS, Nov. 3, 2014 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index grew in August, increasing 0.2 percentage points to a level of 120.4. August's reading is 47 points, or 63 percent, above the index cyclical low of 73.8. The index averaged 114.2 points for all of 2013, seven and one-tenth points above the index average for 2012. July's index reading was 120.2.
"Our Michigan Index continued to climb higher in August, indicating ongoing gains for the state economy. Six of the eight index components either improved or held steady in August. Only state exports and house prices eased. Automobile production remains a strong positive for Michigan. Recent declines in the price of gasoline and improvements to consumer confidence are positive indicators for the auto sector," said Robert Dye, Chief Economist at Comerica Bank. "We also expect house prices to firm up through the fall, supported by recently firmer job growth in Michigan, and easing conditions for housing finance across the U.S."
With this edition of the Michigan Economic Activity Index, we are rolling out a new methodology. Therefore, historical values of our index may be different from earlier editions. The Michigan Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, hotel occupancy rates, continuing claims for unemployment insurance, housing starts, sales tax revenues, home prices, and auto production. All data are seasonally adjusted, and indexed to a base year of 2008. Nominal values have been converted to constant dollar values. Index levels are expressed in terms of three-month moving averages.
Comerica Bank, with 214 banking centers in Michigan, is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Michigan and Texas, Comerica Bank locations can be found in Arizona, California, and Florida, with select businesses operating in several other states, as well as in Canada and Mexico. To find Comerica on Facebook, please visit www.facebook.com/ComericaCares.
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SOURCE Comerica Bank